Marketline Report for Monday, July 23rd
McGATHEY ... "Wheat, on the other hand, was really soaring today. It surged higher. The counter-trend rally really has been gaining some momentum. We were up .15 cents , the market started to come back a little bit and then surged again towards the close here. We're fresh off an 11-year low. Also, the world stock, with a little bit of a reduction, that's kind of bullish. The U.S. dollar index also moving a little bit lower even in spite of the President talking about the U.S. dollar being very strong. So, it's kind of interesting that we had all these counter-moves. But, wheat seems to be the one market in the grains that actually started to take off today so it looked very strong ending this week. So, we'll see what happens next week, but we've got to take it a day at a time."
Chicago Sept Wheat prices closed yesterday up 11 ¾ at 515 ½
Sept Corn was up 4 at 354 ½
Portland prices for soft white wheat of Ordinary Protein for July ended the day unch ranging from 5-80 to 5-90 Hard Red Winter wheat with 11 ½ % protein, prices for July were up 7 ranging from 6-23 ½ to 6-38 ½ DNS wheat with 14 % protein, prices for July were up 18 ¼ ranging from 6-50 to 6-55
Live Cattle for Aug were up $.02 ½ at 109.12 ½ Aug Feeder cattle are dn $.77 ½ to 153.50 July Class III milk was dn .02 cents at 14.19